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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CONSUMER CYCLICALS
NEW DEAL: AVOLTA €500M 7NC3 SNR NOTES; INVESTOR CALL TODAY
- Use of proceeds is refi on the €800m '24's (tender out), €500m proposed size , so no net supply here. Co says will use cash on hand (CHF591m/€600m) & Revolver (€2.75b) for any excess.
- Reminder the Avolta/Dufry curve was the floor for us on BEL's (unrated) pricing last week (priced at MS+175/€99.657 vs. our final FV of +170). Mids now -23bps/+€70c tighter & have moved through our FV/Avolta curve.
- We continue seeing Avolta (given BEL's lack of visibility - see Wednesday note) as net better risk- those with a firm view/internal company insight on BEL's positioning in the market may disagree.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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